IPCA Labs posted results lower than expected for 3QFY2017 on both sales and
net profit fronts, however OPM’s were in-line with expectations. In sales, the
company posted sales of Rs731cr, a yoy growth of 8.3% v/s Rs815cr expected. On
EBITDA front, the company posted EBITDA of 13.9% (v/s 13.5% expected) v/s
11.6% in 3QFY2016. Consequently, PAT came in at Rs40.5cr (v/s Rs61.6cr
expected) v/s Rs27cr in 3QFY2016, growth of 54.6% yoy. The Tax as % of PBT
was 34.9% of PBT v/s 40.5% of PBT in 3QFY2016.We maintain our Accumulate.

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